Reliance partners with Norway’s Nel for faster energy investments

In Short:

Reliance Industries Ltd has partnered with Nel ASA from Norway to help speed up its investments in new energy, like green hydrogen. This will align with Mukesh Ambani’s push towards green energy. The agreement gives Reliance exclusive rights to Nel’s alkaline electrolyser technology in India, allowing them to manufacture it for their global use. This move supports Reliance’s goal to be carbon neutral by 2035.

Reliance Industries Ltd Accelerates Green Energy Investments with Partnership

Hey there, exciting news alert! It looks like Reliance Industries Ltd’s recent technology partnership with Norway’s Nel ASA is set to boost its new energy ventures, particularly in the realm of green hydrogen. This move is all part of billionaire Mukesh Ambani’s grand plan to make a shift towards sustainable and eco-friendly energy sources.

Exclusive Technology Licensing Agreement

On May 21, Reliance (RIL) sealed a technology licensing deal with Nel ASA that grants the company exclusive rights to utilize Nel’s alkaline electrolysers in India. Moreover, RIL can also manufacture these electrolysers globally for its own use. It’s a win-win situation for both parties, with Morgan Stanley calling it a positive step towards accelerating new energy initiatives and decarbonizing the portfolio.

In a nutshell, this collaboration will not only help RIL in achieving its green energy goals but also open up a new revenue stream for Nel ASA, enhancing their market presence in India.

Mukesh Ambani’s Green Energy Vision

In case you didn’t know, Mukesh Ambani has set his sights on investing a whopping USD 75 billion in renewable infrastructure by 2022. This includes plans to generate green hydrogen, a key component in reducing carbon emissions. Ambani is on a mission to transform Reliance into a net zero carbon emission company by 2035, way ahead of other energy giants in the region.

Big Plans on the Horizon

Reliance is gearing up to produce 100 gigawatts of renewable energy, a significant portion of India’s non-fossil fuel capacity target. With the government aiming for 500GW of installed renewable energy by 2030, Reliance’s partnership with Nel ASA couldn’t have come at a better time.

Through this agreement, RIL gains access to Nel’s cutting-edge technology for manufacturing electrolysers, paving the way for a greener and more sustainable future.